Despite holidays, Asian markets remained the hot spot for spot copper trading with improving arbitrage terms, while premiums are stable in most of the Europe and the United States.
EQ Shanghai premium jumps on African delay, arbitrage
African shipment delays and improving arbitrage during the past two weeks have boosted premiums of EQ cathode.
Fastmarkets assessed the
copper EQ cathode premium, cif Shanghai at $15-35 per tonne, compared with $5-20 per tonne two weeks ago.
A major fabricator in China has been buying Africa-origin EQ cathodes at $15 per tonne, while some South American EQ were sold at mid $30s in the reported week. Bids were reported in the low $10s.
The
copper arbitrage window was open for half of the past two weeks, according to Fastmarkets' calculation.
Premiums are also supported by a
lack of vessel space from Africa, the origin of many EQ cathode and blister copper products.
Fastmarkets' benchmark Shanghai copper premium was also slightly up from a week ago. Fastmarkets assessed the copper grade A...